§ 51.406 TOWN ACCOUNTING.
   The town shall account for all rates and charges from industrial users in the following manner:
   (A)   All revenues derived from rates and charges from industrial users shall be segregated and kept in a special fund, separate and apart from all other funds of the town. The special fund shall be designated the "Sewage Works Industrial Cost Recovery Fund" and payment of said amount into said fund shall be deemed a reasonable expense of operation of the sewerage system for computing net operating revenue.
   (B)   Within 45 days following the end of the first calendar year after completion of construction of the sewage facilities and annually thereafter, the town shall return 50% of the amounts recovered from industrial users, together with any interest earned thereon, to the U.S. Treasury. Pending use, the town shall invest the retained amounts for reconstruction and expansion in:
      (1)   Obligations of the U.S. Government;
      (2)   Obligations guaranteed as to principal and interest by the U.S. Government or any agency thereof; or
      (3)   Shall deposit such amounts in accounts fully collateralized by obligations of the U.S. Government or by obligations fully guaranteed as to principal and interest by the U.S. Government or any agency thereof.
   (C)   Eighty percent of the funds retained by the town in the "Sewage Works Industrial Cost Recovery Fund" or authorized investments and the interest earned thereon, shall be expended only for eligible costs of expansion or reconstruction of the POTW. The town shall obtain the written approval of the Regional Administrator of the U.S. Environmental Protection Agency prior to commitment of the retained amounts for any expansion and reconstruction. The remaining 20% of the funds retained by the town may be utilized for any authorized use associated with the sewerage system.
(Ord. 19-01, passed 4-9-19)